Omni Energy Services waiver expires

By Jeff Pines

Washington, Dec. 31 - Omni Energy Services Corp. said its amendment and conditional waiver with the holders of its 6.5% subordinated convertible debentures ended but negotiations with the holders continue and as yet no one has declared a default.

Omni missed its October interest payment and the November or December put payments.

"We are currently negotiating with the debenture holders to reach an amicable resolution of this matter," said James Eckert, chief executive officer, in a news release. "We remain steadfast in our commitment to avoid any material adverse dilution to our stockholders in satisfying the debenture obligations."

On Dec. 21, the company said it learned that Ableco Finance LLC had withdrawn its offer to finance a $100 million credit facility.

Carencro, La.-based Omni Energy offers integrated services to on-shore seismic data companies and through its aviation division, transportation services to oil and gas companies operating in the shallow, offshore waters of the Gulf of Mexico.

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